$OPEN: Opendoor Hints at Bitcoin Home Buying — But $39M Algorithm Settlement Still Lingers

Court: D. Arizona

Case: 2:22-cv-01717

Opendoor Technologies Inc. OPEN is stirring market buzz after CEO Kaz Nejatian confirmed on X (formerly Twitter) that the company plans to enable home buying and selling with Bitcoin, saying, “We will. Just need to prioritize it.” The remark, made amid renewed retail enthusiasm and a 400%+ YTD rally in OPEN, marks a bold step toward crypto integration in real estate — yet it comes as Opendoor continues to navigate fallout from its $39 million investor settlement tied to misleading statements about its pricing algorithm.

• CEO Kaz Nejatian confirmed plans to allow Bitcoin-based real estate transactions, following a user inquiry on X.
• The statement follows a leadership overhaul — Nejatian joined from Shopify, while co-founders Keith Rabois and Eric Wu returned as board chair and director.
• Opendoor stock has surged over 1,300% since July, peaking above $10.52 in September amid strong retail momentum.
• The potential crypto payment feature could make Opendoor the first major iBuying platform to accept Bitcoin for home purchases.
• Despite optimism, retail sentiment remains split, with Stocktwits data showing mixed bullish and bearish signals heading into the week.

Timeline Overview

• Dec 21, 2020 — Opendoor goes public via SPAC, touting its algorithm as a breakthrough in automated home pricing.
• Feb 24, 2022 — Reports weak margins; stock drops 23%.
• Aug 1, 2022 — The FTC fines Opendoor $62M for deceptive sales practices.
• Sep 19, 2022 — Bloomberg reports Opendoor is losing money on many home sales; OPEN falls another 12%.
• Oct 7, 2022 — Investors file a class action lawsuit over misleading claims.
• Mar 18, 2025 — Opendoor agrees to a $39 million settlement with investors.

Allegations Include

• Misrepresenting the accuracy and autonomy of its home-pricing algorithm, which was largely manual.
• Overstating profit margins and stability through market cycles.
• Failing to disclose high sensitivity to housing downturns and inventory losses.
• Misleading investors about sustainable profitability following its 2020 SPAC merger.

Investor Update

The $39 million settlement, still pending final court approval, resolves claims tied to misleading statements about Opendoor’s algorithm and financial resilience. As the company explores Bitcoin transactions and other tech-forward initiatives, investors remain alert to whether this new strategy represents a sustainable innovation — or another speculative turn following years of regulatory and credibility challenges.

You can check more information about it HERE.